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By ExpatBriefing.com Editorial
22 April, 2014
Singapore-based Oversea-Chinese Banking Corporation Ltd (OCBC Bank) has announced that it will expand its business in Greater China by fully acquiring Hong Kong-listed Wing Hang Bank Ltd (WHB).
OCBC Bank said in a statement that the acquisition will allow it to capitalize on Greater China's strong economic growth and the increased connectivity between north and southeast Asia. The bank noted that the deal is consistent with its goal of deepening its presence in Singapore, Malaysia, Indonesia, and the Greater China region (China, Hong Kong, Macau, and Taiwan).
Through the acquisition, OCBC will add WHB's 70 branches in Hong Kong, Macau, and Mainland China to its existing network of 19 branches and sub-branches in Mainland China, Hong Kong, and Taiwan.
The acquisition will provide OCBC Bank with a sizable platform from which to grow its RMB-denominated businesses, the bank said. The range of RMB products and services could be developed or enhanced further to include treasury, trade finance, cash management and payments, capital markets and offshore wealth management offerings.
Currently, in addition to serving corporates and retail customers, WHB has built a Small- and Medium-Enterprise (SME) customer franchise in China and carved a niche for itself in auto and equipment financing in Hong Kong and Macau. OCBC Bank said the deal would open up opportunities for cross-selling wealth and bancassurance products and services to WHB's affluent retail customers and SME entrepreneurs.
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